Jump to content

Mainstreet Equity Corp


Parsad
 Share

Recommended Posts

Anybody know anything about this guy Bob Dhillon, who runs Mainstreet Equity Corp.  Somebody gave me a copy of a local community magazine saying this guy was the "first Sikh billionaire". 

 

I've read a few articles, seen a couple of videos of him on the internet, and read their annual and quarterly report.  He seems like he's completely full of shit.  This thing is so leveraged it makes the U.S. real estate companies look conservative.  They've been losing money for the last few years.  Mainstreet has a market cap of $96M, while equity is only $15M.  They've got $355M in debt! 

 

I took a quick look at the most recent proxy circular, and this guy is milking the company for what he can in compensation, related party transactions and his termination clauses ensure he's taken care of for three years.  I'm surprised that there are a few people related to the Richard Ivey School of Business on his board of directors.  Something smells fishy here!  Cheers!

 

 

Link to comment
Share on other sites

Anybody know anything about this guy Bob Dhillon, who runs Mainstreet Equity Corp.  Somebody gave me a copy of a local community magazine saying this guy was the "first Sikh billionaire". 

 

I've read a few articles, seen a couple of videos of him on the internet, and read their annual and quarterly report.  He seems like he's completely full of shit.  This thing is so leveraged it makes the U.S. real estate companies look conservative.  They've been losing money for the last few years.  Mainstreet has a market cap of $96M, while equity is only $15M.  They've got $355M in debt! 

 

I took a quick look at the most recent proxy circular, and this guy is milking the company for what he can in compensation, related party transactions and his termination clauses ensure he's taken care of for three years.  I'm surprised that there are a few people related to the Richard Ivey School of Business on his board of directors.  Something smells fishy here!  Cheers!

 

 

 

So how does a guy become a billionaire when the market cap of the company is 96M?

40-50% of Debt obligations are coming due 2009 and 2010. Asset/Liability mismatch. Most likely will have to sell off properties at written down prices.

 

Short, short short !!!

 

:D

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...